EOFY Tax Q&A: deductions, offsets & how to avoid huge tax bills
About this episode
The episode covers EOFY tax questions and includes an ETF pop quiz challenge.
In this Australian Finance Podcast episode, your hosts Owen Rask and Gemma Mitchell answer your end-of-financial-year tax questions and put Owen to the test with an ETF pop quiz challenge. They cover: – How tax works when you’re self-employed – When and how much tax sole traders need to pay – The difference between tax deductions and tax offsets – How spouse super contributions can reduce your tax – Why some property investors receive huge tax refunds – Whether PAYG withholding variations can improve your cash flow – Owen’s ETF guessing challenge using minimal clues Topics Covered – EOFY tax prep for Australians – Tax basics for self-employed people – How taxable income is calculated – When sole traders pay tax – PAYG instalments explained – Tax deductions vs tax offsets – Common misconceptions about deductions – Spouse contributions to superannuation – Super contribution tax offsets – Negative gearing and tax refunds – PAYG withholding variations for investors – Managing cash flow throughout the year – ETF pop quiz challenge with Owen – Guessing ETFs from minimal clues Episode resources – Buy Gemma’s book “The Money Reset” – Speak with the Rask Advice team – Ask a question…
Sponsors
Betashares, Pearler, PocketSmith
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